The race against time in the crypto industry: Why must the布局 be completed within the Trump administration?

**The conflict of interest behind policy pushers**

The Trump administration is known for promoting cryptocurrency legislation and is regarded by the industry as a "pro-crypto president." However, behind this label lies complex political tensions—Trump and his family’s own commercial interests in the crypto space have become the biggest obstacle to industry progress. When Democratic congressional members discovered that the Trump family was profiting over $110 million through meme coin projects and entities like World Liberty Financial, the initial support for crypto regulation legislation began to waver and become more cautious.

This political turmoil has already affected legislative efforts. Etherealize co-founder and former Ethereum developer Danny Ryan observed that when CEO Vivek Raman testified before Congress on the CLARITY Act, many Democratic lawmakers did not focus on the bill’s intrinsic value but instead concentrated on Trump’s conflict of interest issues. Ryan bluntly stated, “This tension is unhelpful for advancing the cause. Even when lawmakers ask meaningful questions, they clearly approach with caution because they are entering a politically contentious area.”

**The risk of collateral damage to the crypto industry**

More concerning is that future governments after Trump might pursue strict investigations into his signature initiatives, potentially causing collateral damage to the crypto industry. Ryan is well aware of this risk. He believes that although future administrations may attempt to reshape the industry framework, completely destroying existing progress is relatively unlikely. The problem is, no one can fully predict the direction of politics.

Given this uncertainty, Ryan and many industry insiders have reached a pressing conclusion: the cryptocurrency industry must accelerate its progress before Trump leaves office to lay a solid foundation for the industry.

**Strategic positioning within the golden window**

During the ETH Capital Summit, Ryan explained the core of this strategy to the media: “If during this period we can significantly bring in financial institutions, global capital, and capital markets, then the question will no longer be ‘Should cryptocurrencies exist?’ but rather how to demonstrate their fundamental value and make them a key infrastructure.”

He further explained that once the industry is deeply embedded into the global financial system, even if future policy environments change, it will be harder to completely overturn. Just like the internet—no one advocates abolishing the internet because the global economy cannot function without it. The crypto industry needs to reach a similar indispensable status.

Ryan admits that this is also the main reason he joined Etherealize. When he was working at the Ethereum Foundation, he faced SEC investigations and considered leaving the industry. But upon witnessing the Trump administration’s supportive stance toward crypto, he sensed a major shift in the political climate and decided to fully commit to promoting traditional financial institutions’ entry into the crypto world.

**Existing legislative progress and future challenges**

In July this year, the GENIUS Act was signed into law, establishing a legal framework for stablecoin issuance—considered a milestone victory for the industry. However, this victory was hard-won—Democrats were furious about Trump’s conflicts of interest, and Democratic House members even collectively walked out in protest, attempting to add provisions to prevent Trump from conducting personal crypto transactions during his term.

Behind these political storms is the active involvement of the Trump family in the crypto space: Trump issued an officially authorized meme coin before taking office, followed by his wife Melania, and he also hosted dinners for top meme coin holders. Meanwhile, Trump and his three sons co-founded World Liberty Financial, which has launched stablecoin products and plans to introduce more crypto offerings.

**The urgency of timing and industry responsibility**

Ryan believes that the key is for the industry to act swiftly within this political window. When the next administration takes office, the focus of discussion should shift from “Should cryptocurrencies exist?” to “How to responsibly utilize crypto tools.” This requires the industry not only to demonstrate its practicality but also to showcase its value to the global financial system.

Although Ryan cannot predict the long-term political landscape, his core belief is clear: if the crypto industry can achieve deep financial integration before Trump leaves office, even if future policies change, all progress will not be lost. The industry’s survival will no longer depend on the support of a single politician but will become part of the global financial infrastructure.